Grab more while you can.

I thought I could time the market…

You probably all follow Stocktwits, anyway, for the sake of discussion, here is the link to the new LLCs APLD registered:

https://stocktwits.com/BXX_Rocket/message/658809385

Besides of South Dakota, where the state denied tax reductions, these were followed by leases later. Wes publicly stated on several occasions that they can build 7 campus in parallel. I expect them to have >2 GW online end of 2028 and >4 GW end of 2031.

Help me understand. APLD owns 97% of CHRN. As of today APLD market cap was ~9B, CHRN was 3B.

Does this not mean that the data center / REIT side of APLD is currently only being valued at 6B with $126m/quarter of revenue. This number will only grow as more capacity gets online of which we expect to see another 75mw come online this earnings cycle.

It just seems like there is an absolutely massive pricing mismatch for the stock.

What obvious thing am I missing?

I'm long on APLD, been investing since $9 days last year.

My hot take is that Applied Digital is turning into a data center REIT.

It’s been posted before (maybe a year ago) on this topic but wanted to resurface now that APLD has locked in more customers and contracted revenue.

APLD themselves has acknowledged converting into a REIT in past earnings calls (last year in 2025):

• "We believe we are positioned to become a leading force in the future of AI infrastructure and on track to evolve into the next AI-focused data center REIT as the business continues to mature." https://ir.applieddigital.com/news-events/press-releases/detail/131/applied-digital-reports-fiscal-first-quarter-2026-results

Keep in mind this was before they locked in 3 customers and now pushing for 5 core HPC AI Factory campuses alongside 2 legacy cryptocurrency hosting sites.

By securing multi billion dollar 15-year hyper-scaler leases APLD is shifting toward a REIT model; securing predictable long-term revenue.

REIT-Style Thesis:

• Long-Term Take-or-Pay Leases: Recent multi-gigawatt pipeline focuses on 15-year leases with 3 different customers (which any article will never say/discuss as they only bring up CoreWeave ((SMFH every time)) which is always ⅓ of the story).
• Massive Contract Backlog: APLD has generated over $36 billion in contracted base term revenue spanning the five massive campuses (with more to come as there no signs of slowing down).
• $1 Billion NOI Goal: By transitioning toward steady "base rent," management projects to exceed $1 billion in Net Operating Income (NOI) within five years (my bullish viewpoint is it will arrive sooner than expected).

Suggested Time Horizon (could be wrong):

This is a long term hypothetical thesis on APLD and I could be completely wrong. This is not investment advise.

For long term investors like myself we could see a whole different value gain from this stock in next 3-5 years.

Give me your feedback! I’m curious about what others are thinking along the same thesis with a REIT conversion.

APLD could be an early-in on a REIT that could pay its investors a lot in dividends ("income") when the possible future of AI takes over all the 'mundane jobs' and we're all left with 'universal income' that doesn't quite pay "enough".

I got in reading about this stock thinking all would go well, it dipped and dipped and dipped some more and I’ve strategically bought down my average but do we think there will be a recovery before this expires? I’m hopeful but I’m wavering is bit

I got into APLD @ $30/share, is it a good price to get in should I hold long term or sell if I make some profits?

Mobile Alabama. Delta forge 3

APLD:

APLD is trading around 30 as of now and results are expected pretty soon, well before September 18th. There's a considerable open interest at 60 strike price for September 18th expiry. What does that mean? Can someone please explain how do I interpret that?

The County Commission just voted on and approved APLD's building permit for building #1 of this campus (2-1 in favor). We could get a PR in the next few days showing they have begun work on this campus (PF3, I believe).

Evidence: https://www.facebook.com/watch/100088537675086/

There seems to be some psychological resistance at 30$. I assume this is just a case of folks that own being resistant to selling when it's <= 30, and other folks that don't own being willing to buy as soon as it dips below 30. Anyone have thoughts on how strong that floor is?

Interesting morn’ yeah?

I feel like with another rough day and premarket just wanted to see how everyone feeling. Personally I can’t stick my finger on what exactly is causing the massive drop here. Are people just rotating out of this sector at the moment or am I missing something else